Keynote Speech by H.E. Ambassador Liu Xiaoming at the Standard Chartered Summit: Advance China-UK Belt and Road Cooperation for Common Development and Prosperity of Mankind

The year 2018 marks the 40th anniversary of China's reform and opening up. It is also the year to accelerate the China-UK "Golden Era".

In the new year, I hope both China and the UK will work together to take our Belt and Road cooperation and cooperation in the financial sector to a new stage by seizing the following four opportunities.

The first is the historic opportunity of China-UK "Golden Era" 2.0. To seize this opportunity, we need to match our policies.

Over the past years, financial cooperation between China and the UK started from scratch, continued to deepen and became a two-way endeavour. It has proven to be win-win for both sides.

During Prime Minister May's visit to China, the two countries signed business contracts worth ￡9.89 billion. These include the agreement to build a finance and technology park in Xiong'an, the new district to the south of Beijing. They are expected to create 2,666 jobs for Britain.

It is important that we make full use of inter-governmental dialogues at all levels to match our policies for the Belt and Road and financial cooperation.

We should encourage development and policy institutions to play a positive role in our financial cooperation. We should also encourage financial institutions to explore new areas and make plans for the future of our financial cooperation. We should enhance our cooperation on development financing. Together, we can contribute more "financial fruits" to the China-UK "Golden Era".

The second opportunity is the Belt and Road Initiative. This is a strategic opportunity for our two countries to advance business cooperation.

Belt and Road development creates a huge demand in not only investment and financing, but also services, such as agent banking relationships, syndicated loans, settlement and clearing.

Therefore, to advance the Belt and Road development, China encourages the establishment of financial services platforms in the countries along the routes.

The UK has rich experience in international finance and mature management expertise as well as close financial ties with many countries along the Belt and Road.

This paves the way for our two countries to work together to tap the British expertise in financing, PPP, insurance and green finance in support of infrastructure projects.

The banks of our two countries can seize this opportunity to deepen cross-border cooperation. This will in turn advance Belt and Road development and create new highlights in financial cooperation between our two countries.

The third opportunity is the continued opening up of the Chinese market.

At the 19th Party Congress, China decided to open its doors wider to the world.

As part of the opening-up efforts, China will open its financial sector steadily and actively. British financial corporations are encouraged to come and seize this opportunity and expand their business in China.

Last month, Standard Chartered received a lead underwriting license for overseas non-financial corporate Panda bonds. This is a fresh boost to the financial cooperation between China and the UK.

Our two countries have every reason to enhance exchanges and cooperation in asset management, banking, capital market, insurance and pensions. Building on these efforts, we can go on to lead the world in green finance, financial science and technology, and inclusive finance.

China plans to import $8 trillion of goods and open up a $600 billion market to foreign investment in the next five years starting from 2018. To the world of business, this means bigger market and more opportunities for cooperation.

This November, the first-ever China International Import Expo will be held in Shanghai. Companies from over 100 countries are expected to take part in this event. British companies, including Standard Chartered, are all welcome to this Expo to advertise your high-quality products and services.

The fourth opportunity lies in the internationalization of RMB.

China is determined to deepen financial reform, open its capital market wider to the world, and let the market play a bigger role in deciding the RMB exchange rate. These efforts will help advance RMB internationalization.

As a leading global financial centre, London has played an important role in supporting the RMB internationalization.

As I have just mentioned, China is steadily advancing the reform in RMB exchange rate to make it more responsive to the market. There is an opportunity here for our two countries to expand RMB cross-border business and encourage the use of RMB as a clearing currency in bilateral trade and investment.

It is also important that we further tap the role of the RMB clearing bank in the UK, and develop the offshore RMB market in London. Through these efforts, we will improve the connectivity between the financial markets of our two countries and achieve win-win results.

Ladies and gentlemen,

President Xi said in his Chinese New Year message, the New Year is a new beginning and promises new prospects.

This year is the Year of the Dog. In both China and the UK, dog is a symbol of diligence and loyalty.

I hope in the new year, friends from the financial sector of our two countries will join hands to take China-UK Belt and Road cooperation to a new high and to contribute your wisdom and strength to building the China-UK "Golden Era" 2.0!

In conclusion, I wish everyone present a happy and prosperous Year of the Dog!

Thank you!